SEC's Gensler Pushes Back Against House Bill; Crypto Exchanges Form Coalition to Tackle Scams

Sec chair, Gary Gensler pushes back against the Fit 21 bill and crypto exchanges form a coalition against scams. You're watching Coin Desk daily, I'm your host, Jen Sani Sec chair, Gary Gentzler is pushing back against the Fit 21 bill hours before a planned vote on Wednesday. Fit 21 short for the financial innovation and technology for the 21st century Act is a joint bill that intends to clarify how the SEC and CFTC will oversee crypto. Chairman Gansler said that the bill would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors in capital markets at immeasurable risk. Crypto exchanges. Coinbase Kracken and other firms have joined an alliance to tackle online fraud schemes including romance scams or crypto scams like pig butchering, pig butchering involves scammers gaining the trust of their victims through dating apps or social media before pitching a money making opportunity involving crypto. According to a report from the FBI losses from crypto investment scams totaled $3.94 billion in the US alone in 2023. And Wisdom Tree won approval to list crypto exchange traded products or etps on the London Stock Exchange. The asset manager said in a press release that it is among the first applicants to receive the green light by the UK Regulator Wisdom Trees. Products are expected to start trading on May 28th and will be available only to professional investors with a fee of 35 basis points. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.